The real estate developers now have to pay 2% of the project cost as a fine for delay in registering their ongoing projects with Rajasthan Real Estate Regulatory Authority (Rajasthan RERA) within the given deadline of August 31.
As per the sources, the developers can now register their projects until 30th September after paying 2% of the project cost as a fine thenceforth the RERA will increase the penalty to 10% of the project cost.
The government of Rajasthan implemented the Real Estate (Regulation & Development) Act on 1st May 2017. As per the section 3 of the RERA Act, 2016, the developers need to register their ongoing projects with the authority within 90 days without which they cannot advertise or market the units. Later, the deadline for RERA registration of projects was further extended till August 31. The CM of Rajasthan Vasundhara Raje launched Rajasthan RERA website on 1st June 2017 which facilities online registration of the projects, real estate agents and filing of complaints.
The RERA rules also mandate the developers to deposit 70% of the funds received from the buyers for developing the project in a separate account technically known as an escrow account.
It also legalised the selling of flats on the basis of carpet area and has provisions for the penalty if the developers or agents fail to comply the rules.